17 Jun Top 5 Most Popular Business Loan Criteria: Revolving Line of Credit (1 of 5)

If you’ve ever scoured the Internet for business loans before, you know searching “small business loans” can easily turn into a frustrating experience.

This is part 1 of 5

You’ll trawl through so many different types of loans, and then quickly realize that all lenders have different requirements. A loan that might seem perfect for you may require two years trading history, while another wants you to be profitable with only one years trading history and so on. Then there’s finding the best deal and deciphering the real costs between each lenders offered rates and flexibility based on pricing!

We’re going to cut through most of your confusion. We’ve put together some minimums your business needs to potentially qualify for each of these popular business loans.

Existing Debt – Do you currently have a loan balance with another lender?

Minimum Criteria: Revolving Line of Credit

A Line of credit is one of the most popular types of credit in Australia. They are simply an open account with a lender that features a fixed amount of credit you can draw on at any time. Lines of credit have many advantages, namely that once you have one in place it is readily available for short-term cash flow needs, and that you only pay interest on the amount that you actually use and you’ll only pay the lender back when you exceed your credit limit or you wish to make payments to reduce your interest charges.